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Arabian Cement posts lower consolidated profits in Q1-24

Arabian Cement posts lower consolidated profits in Q1-24
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Cairo – Mubasher: Arabian Cement Company posted consolidated net profits after tax at EGP 152.64 million in the first quarter (Q1) of 2024, an annual drop from EGP 241.77 million.

The revenues amounted to EGP 1.93 billion in the January-March 2024 period, an annual increase from EGP 1.71 billion, according to the financial results.

The earnings per share (EPS) declined year-on-year (YoY) to EGP 0.39 in Q1-24 from EGP 0.63.

Total assets reached EGP 4.47 billion as of 31 March 2024, up from EGP 3.88 billion at the end of December 2023.

Standalone Business

The company’s standalone net profits hit EGP 150.53 million in the first three months (3M) of 2024, down YoY from EGP 243.04 million.

Non-consolidated EPS fell to EGP 0.39 in Q1-24 from EGP 0.64 in the year-ago period, while the revenues climbed to EGP 1.90 billion from EGP 1.68 billion.

In 2023, Arabian Cement logged consolidated net profits after income tax worth EGP 697.49 million, compared to EGP 358.98 million a year earlier.